Stocks Mixed After Weak Energy Prices Offset Strong Earnings _ Investopedia.pdf

Stocks Mixed After Weak Energy Prices Offset Strong Earnings _ Investopedia.pdf

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5/30/2018 Stocks Mixed After Weak Energy Prices Offset Strong Earnings | Investopedia 1/5 Stocks Mixed A±er Weak Energy Prices O²set Strong Earnings The major U.S. indexes were mixed over the past week. Reports that OPEC and Russia are ready to increase production amid concerns over a slowdown in Iran and Venezuela pushed down WTI crude oil prices sharply to less than $70.00 per barrel. The Energy Select Sector SPDR ETF ( ) responded by moving more than 5% lower over the course of the week. On the plus side, FactSet's Earnings Insight showed that more than three-quarters of companies in the S&P 500 reported positive revenue and earnings surprises last quarter. XLE International markets were lower over the past week. Japan's Nikkei 225 fell 2.12%, Germany's DAX 30 fell 1.48%; and Britain's FTSE 100 fell 0.88%. In Europe, Spain's opposition Socialist party called for a vote of no confidence on Prime Minister Mariano Rajoy, while Italy's populist Prime Minister candidate was presented to President Sergio Mattarella. In Asia, President Trump's abrupt termination of the North Korea summit sent shares lower, but his decision to keep the possibilities open a day later led to a modest recovery. (See also: Stocks Take a Hit on Trump’s Summit Cancellation .) The SPDR S&P 500 ETF (ARCA: ) fell 0.29% over the past week. A±er breaking out from upper trendline resistance earlier this month, the index has trended sideways near its R1 resistance levels at $272.32 for the past week or so. Traders should watch for a breakout from these levels to test upper trendline and R2 resistance at $280.12 or a breakdown to retest trendline and 50-day moving average support at $266.95. Looking at technical indicators, the relative strength index (RSI) appears neutral at 56.80, but the moving average convergence divergence (MACD) could see a near-term bearish crossover .
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  • Spring '18
  • Strong Earnings, Weak Energy Prices

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